A majority of accidents occur while taking the car in a reverse direction. Even though the vehicles are equipped with rearview mirrors or electronic sensors, many disadvantages of these systems still cause accidents. Thus, in order to avoid this, a system called panoramic reverse system has been designed that helps the driver to obtain a 360-degree view of the area surrounding the car in order to prevent any collision.

The market of panoramic reverse systems is growing significantly since the panoramic reverse systems system provides a virtual 360-degree scene of the vehicle in bird’s-eye view. Also, these panoramic reverse systems can be integrated with any vehicle across the globe. Therefore, automobile manufacturers can purchase panoramic reverse systems in bulk and provide advanced features in their vehicles to improve the vehicle security.

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Panoramic reverse systems Market: Drivers and Restraints

The high cost associated with rear car accidents as well as severe injuries caused due to accidents are factors driving the adoption of panoramic reverse systems. Also, these systems assist the driver in parking and while passing a narrow road. These factors further accelerating the growth of panoramic reverse systems demand.

The price of one single panoramic reverse system is very high since it requires the installation of various components including multiple cameras and advanced software. Such factors hinder the vehicle manufacturers to adopt such expensive devices and deploy it in a car.

Panoramic reverse systems Market: Competitive Landscape

Some of the key players operating in the Panoramic reverse systems market are Gazer Ltd., Guangzhou Chengz Enterprise Co. Ltd., Brvision Technology Co., Ltd., Sony corporation, XY Car Electronic Limited, Sunway Industry Co., Ltd., and Lutu Technology Co., Ltd.

Regional Overview

China is expected to be the largest market for Panoramic reverse systems since a majority of panoramic reverse systems vendors, such as Guangzhou Chengz Enterprise Co. Ltd., and Brvision Technology Co., Ltd. are based in the region. The market is also anticipated to grow in Japan region because companies in this region are investing in research and development to provide their panoramic reverse systems in their local and international market.